Stocks making the biggest moves midday: News Corp, Alibaba, Applied Materials and more

Stock Market

In this article

Alibaba Group sign is seen at the World Artificial Intelligence Conference (WAIC) in Shanghai, China July 6, 2023. 
Aly Song | Reuters

Check out the companies making headlines in midday trading.

News Corp — The media company’s shares jumped nearly 4% after reporting an earnings beat in the fiscal fourth-quarter. News Corp posted adjusted earnings of 14 cents per share, while analysts polled by Refinitiv had estimated 8 cents per share. Meanwhile, the company’s revenue of $2.43 billion missed analyst forecasts of $2.49 billion.

UBS — Shares rose 5% on news that UBS ended a roughly $10 billion loss protection agreement and a public liquidity backstop with Credit Suisse. The company also confirmed that Credit Suisse fully repaid a 50 billion Swiss franc emergency liquidity loan to the Swiss National Bank.

Chip stocks — Semiconductor shares dropped more than 2% Friday, putting the sector on pace for a weekly decline of 4.5%. The VanEck Semiconductor ETF (SMH) fell 2.2%. NXP Semiconductors, Lam Research, Applied Materials, Nvidia and On Semiconductor each tumbled by about 3% or more midday Friday. 

Maxeon Solar Technologies — Shares plummeted 32% after the company reported a revenue miss in the second quarter amidst weakening demand. The company posted $348.4 million in revenue last quarter, short of the $374.3 million anticipated by analysts polled by FactSet. Maxeon forecasts revenue to range between $280 million and $320 million in the third quarter, while analysts called for $394.8 million.

China-based companies — The U.S.-traded shares of Chinese companies tumbled after Chinese property giant Country Garden issued a profit warning amidst a decline in real estate sales, adding to negative sentiment surrounding China’s economy. JD.com and Alibaba lost 6% and 4%, respectively. Nio declined by 2.7%. 

Wynn — The casino operator’s shares retreated 4%. The decline comes after shares rose nearly 3% in the previous session on the back of the company’s earnings announcement. Casino and hospitality peer Caesars Entertainment lost 3.2% in sympathy.

Krispy Kreme — The doughnut maker popped 3% after JPMorgan reiterated its overweight rating, noting that shares are cheap.

Coinbase — The crypto exchange’s stock dipped about 2% after Mizuho reiterated its underperform rating on the stock. The Wall Street firm said retail crypto traders are flocking to Robinhood to trade cryptocurrencies and away from Coinbase.

Tapestry — Shares gained 1% Friday, partly recouping losses of 16% from Thursday’s trading session. Tapestry announced Thursday morning it would acquire Capri Holdings in an $8.5 billion deal. 

Kura Oncology — The biotech company’s shares rose 4% after Bank of America initiated coverage of Kura with a buy rating in a Friday note. 

DigitalOcean Holdings — Shares added 2.8% following an upgrade from Morgan Stanley to equal weight from underweight. The firm said its underweight thesis on DigitalOcean has largely played out.

— CNBC’s Alex Harring and Yun Li contributed reporting